Reminder Of The Deadline: 11/21/08 For The Class Action Lawsuit On Behalf Of Certain Spectranetics ( NASDAQ: SPNC) Investors
Last Update In The Shareholder Class Action Lawsuit Against Spectranetics ( NASDAQ: SPNC) Over Alleged Federal Securities Law Violations +++ Go To -> www.ShareholdersFoundation & Never Miss A Deadline +++
A deadline is coming up in the shareholder lawsuit against Spectranetics ( NASDAQ: SPNC) over alleged Federal Securities Law violations. The deadline will expire on November 21, 2008.
If you purchased or otherwise acquired who common stock of Spectranetics Corp. (NASDAQ: SPNC) between April 19th, 2007 and September 4th, 2008, you have certain options and there are strict and short deadlines running (November 21st, 2008). You should immediately contact the Shareholders Foundation, Inc.!
On Tuesday, September 23th, 2008, a shareholder has filed a proposed class action lawsuit on behalf of all persons or entities who purchased the common stock of Spectranetics Corp. (NASDAQ: SPNC) between April 19th, 2007 and September 4th, 2008 in the United States District Court for the District of Colorado in Denver against Spectranetics Corp. and its two top executives over alleged violations of federal securities laws by issuing a series of material misrepresentations to the market, thereby artificially inflating the price of Spectranetics. According to the complaint the plaintiff alleges that Spectranetics Corp. and certain of the Company’s executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants’ material omissions and dissemination of materially false and misleading statements concerning the Spectranetics Corp.’s business and operations caused Spectranetics Corp.’ stock price to become artificially inflated, inflicting damages on investors. The stockholder alleges that between April 19, 2007 and September 4th, 2008 defendants knew or recklessly disregarded that their public statements concerning its business and operations were materially false and misleading.
The plaintiff alleges that on September 4th, 2008, Spectranetics Corp. shocked investors when reports surfaced that Federal Officials had served search warrants on the Company and NASDAQ halted trading of Spectranetics Corp. ‘ common stock. That evening, Spectranetics Corp. issued a press release disclosing that the Company was jointly served by the FDA and U.S. Immigration and Customs Enforcement with a search warrant relating to the promotion, use, testing, marketing, and sales of certain Spectranetics Corp. products, and payments made to medical personnel and an identified institution for this application. According to the complaint the search warrant also requested information about two post-market studies completed during the period from 2002 to 2005 and payments to medical personnel in connection with those studies, as well as information regarding compensation packages for certain Spectranetics Corp.’s personnel.
As a result on this news, NASDAQ subsequently halted trading of shares in Spectranetics Corp., but only after it shares had already fallen $4.27 per share, or 47 percent, to $4.73 per share. Then, so the lawsuit, on following day, September 5th, 2008, shares of Spectranetics Corp. were allowed to resume trading and closed at $5.63 per share, a decline of $3.37 per share, or 37 percent, from the September 3rd, 2008 closing price of $9.00 per share. Plaintiff seeks to recover damages on behalf of Class members.
If you purchased or otherwise acquired common stock of Spectranetics Corp. (NASDAQ: SPNC) between April 19th, 2007 and September 4th, 2008, you have certain options and there are strict and short deadlines running (November 21st, 2008). You should immediately contact the Shareholders Foundation, Inc.!
Shareholders Foundation, Inc.
Allen Trevor
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-779-1554
Fax:+1-(858)-605-5739 Mail@ShareholdersFoundation.com www.ShareholdersFoundation.com
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